Republic Bancorp, Inc. (RBCAA) Rating Lowered to Market Perform at Hovde Group
Republic Bancorp, Inc. (NASDAQ:RBCAA) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday. They presently have a $41.00 target price on the bank’s stock, up from their previous target price of $39.00. Hovde Group’s price target suggests a potential upside of 3.40% from the company’s previous close.
A number of other research firms have also recently commented on RBCAA. Zacks Investment Research upgraded shares of Republic Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a report on Saturday, September 9th. BidaskClub cut shares of Republic Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th.
Shares of Republic Bancorp (NASDAQ:RBCAA) traded up 0.63% during trading on Wednesday, reaching $39.90. 3,966 shares of the company traded hands. The stock has a market capitalization of $832.23 million, a P/E ratio of 16.76 and a beta of 0.52. Republic Bancorp has a 12-month low of $28.56 and a 12-month high of $40.74. The firm’s 50 day moving average is $36.24 and its 200-day moving average is $35.35.
Republic Bancorp (NASDAQ:RBCAA) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.48 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.48. Republic Bancorp had a net margin of 19.33% and a return on equity of 8.14%. The firm had revenue of $56.06 million for the quarter. On average, equities research analysts anticipate that Republic Bancorp will post $2.34 earnings per share for the current fiscal year.
In other Republic Bancorp news, EVP Steven E. Deweese sold 1,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $34.50, for a total value of $34,500.00. Following the transaction, the executive vice president now directly owns 42,230 shares in the company, valued at $1,456,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven E. Deweese sold 1,115 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $35.49, for a total transaction of $39,571.35. Following the completion of the transaction, the executive vice president now owns 41,630 shares in the company, valued at $1,477,448.70. The disclosure for this sale can be found here. 52.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glenview Trust Co raised its position in Republic Bancorp by 1.7% in the second quarter. Glenview Trust Co now owns 17,548 shares of the bank’s stock worth $626,000 after acquiring an additional 300 shares during the period. First Trust Advisors LP raised its position in Republic Bancorp by 0.8% in the first quarter. First Trust Advisors LP now owns 41,570 shares of the bank’s stock worth $1,430,000 after acquiring an additional 346 shares during the period. American International Group Inc. raised its position in Republic Bancorp by 7.1% in the first quarter. American International Group Inc. now owns 5,947 shares of the bank’s stock worth $205,000 after acquiring an additional 392 shares during the period. Bank of America Corp DE raised its position in Republic Bancorp by 0.4% in the first quarter. Bank of America Corp DE now owns 93,652 shares of the bank’s stock worth $3,221,000 after acquiring an additional 414 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Republic Bancorp by 6.0% in the second quarter. The Manufacturers Life Insurance Company now owns 7,936 shares of the bank’s stock worth $283,000 after acquiring an additional 449 shares during the period. Institutional investors and hedge funds own 24.29% of the company’s stock.
Republic Bancorp Company Profile
Republic Bancorp, Inc is a financial holding company of Republic Bank & Trust Company (the Bank) and Republic Insurance Services, Inc (the Captive). The Bank is a Kentucky-based, state chartered non-member financial institution. The Captive is an insurance subsidiary of the Company. The Company operates through four segments: Traditional Banking, which provides traditional banking products to customers; Warehouse Lending (Warehouse), which provides short-term, revolving credit facilities to mortgage bankers across the United States through mortgage warehouse lines of credit; Mortgage Banking, which originates, sells and services long-term, single family, first lien residential real estate loans, and Republic Processing Group (RPG), which facilitates the receipt and payment of federal and state tax refund products.
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